ConAgra Foods to Sell Private Label Operations to TreeHouse Foods
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S&P Places Treehouse Foods (THS) on CreditWatch Negative Amid ConAgra (CAG) Deal
November 2, 2015 2:27 PM ESTStandard & Poor's Ratings Services placed its ratings, including its 'BB' corporate credit rating, on TreeHouse Foods Inc. (NYSE: THS) on CreditWatch with negative implications.
We estimate that TreeHouse had roughly $1.4 billion in adjusted debt outstanding as of June 30, 2015. Pro forma for the acquisition, we estimate TreeHouse will have approximately $3.2 billion of adjusted debt.
The CreditWatch placement follows TreeHouse's announcement that it will be acquiring the private-label business of ConAgra Foods Inc. for $2.7 billion. TreeHouse intends to fund the acquisition with $1.8 billion in incremental debt and a... More
